Gold dips on improvement in US economy
30/11/2017
Gold dips on improvement in US economy
30/11/2017 07:38
Gold futures closed lower in the domestic market on Wednesday as data showing an improvement in the U.S. economy and comments from Federal Reserve Chairwoman Janet Yellen implied further interest-rate increases by the central bank. Investors also eyed data showing a monthly jump in U.S. consumer confidence to its highest level in 17 years, which backs the Fed argument for further rate increases. Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding nonyielding bullion. At the MCX, gold futures for December 2017 contract ended at Rs 29200 per 10 grams, down by 0.66 per cent, after opening at Rs 29,438 against a previous close of Rs 29,393. It touched the intra-day low of Rs 29,200.
30/11/2017
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Gold dips on improvement in US economy
30/11/2017 07:38
Gold futures closed lower in the domestic market on Wednesday as data showing an improvement in the U.S. economy and comments from Federal Reserve Chairwoman Janet Yellen implied further interest-rate increases by the central bank. Investors also eyed data showing a monthly jump in U.S. consumer confidence to its highest level in 17 years, which backs the Fed argument for further rate increases. Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding nonyielding bullion. At the MCX, gold futures for December 2017 contract ended at Rs 29200 per 10 grams, down by 0.66 per cent, after opening at Rs 29,438 against a previous close of Rs 29,393. It touched the intra-day low of Rs 29,200.
